Breaking News Instant updates and real-time market news.

2018-02-07 17:28:18

MBLY

Mobileye

, INTC

Intel

$45.20

0.29 (0.65%)

17:28

02/07/18

02/07

17:28

02/07/18

17:28

Mobileye requests withdrawal of registration statement

Mobileye (MBLY) requests that the Registration Statement, File No. 333-206573, be withdrawn in connection with the previously announced tender offer for all of the outstanding ordinary shares, nominal value EURO$0.01, of the company by Cyclops Holdings, a wholly owned subsidiary of Intel (INTC), pursuant to a Purchase Agreement, dated March 12, 2017, by and among the company, Intel and Purchaser.

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Pivotal Research analyst Brian Wieser downgraded Alphabet (GOOGL) to Hold from Buy citing brand safety concerns and valuation following the recent rally in the shares. News last week that Havas, the sixth largest global media network, is pulling its spending from Google's YouTube and Google Display Network in the U.K. because Google was "unable to provide specific reassurances, policy and guarantees that their video or display content is classified either quickly enough or with the correct filters" is a big deal, Wieser tells investors. 2. Canaccord analyst Lynne Collier downgraded Sonic (SONC) to Hold from Buy, citing challenging industry sales, the potential for Street estimates to be too high in the midst of soft sales, a lack of upcoming catalysts, and increasing competition from non-traditional venues such as convenience stores. 3. Piper Jaffray analyst Alexander Potter downgraded Mobileye (MBLY) to Neutral saying that while demanding a higher buyout price may be justified, he "begrudgingly" concluded that the price Intel (INTC) is paying for the company is fair. The analyst raised his price target for Mobileye shares to $63.54 from $60 to reflect Intel's offer. 4. Susquehanna analyst Sam Poser downgraded Caleres (CAL) citing the company's "disappointing" results and his belief that the company will not be able to overcome industry headwinds. 5. Goldman Sachs analyst Conor Fitzgerald downgraded Stifel Financial (SF) to Neutral from Buy while raising his price target for the shares to $59 from $58. The analyst believes LPL Financial (LPLA), a stock he upgraded this morning to Conviction Buy, offers more upside at current valuations. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Oppenheimer analyst Colin Rusch believes Tesla's (TSLA) Model 3 rollout is critical to its position in Advanced Driver Assist Systems. Tesla's ability to "accelerate learning cycles related to characterizing driving behavior" is facilitated by the high volume rollout of Model 3," Rusch tells investors in a research note. His channel checks indicate just fifteen models with semi-autonomous driving technology are currently available for model years 2016/2017. These cars are offered by BMW, Mercedes-Benz, Volvo, and Tesla. The analyst notes that a RAND Corporation study estimates over 11B test miles would be necessary in order to show statistically significant evidence of the autonomous vehicle's superiority over human drivers. With Model 3 enabling high mileage data collection, Tesla can accumulate the necessary mileage within just 27 months, or by mid-2021, Rusch writes. The analyst sees the potential for Tesla's ADAS value to be "significantly higher" than Mobileye's (MBLY) acquisition price if it can control the machine learning aspect of the product development. Rusch has a Perform rating on Tesla shares. The stock closed yesterday down $6.49 to $303.86.

05/30/17

05/30/17DOWNGRADESector Weight

Ambarella downgraded to Sector Weight from Overweight at Pacific Crest

Pacific Crest analyst Brad Erickson downgraded Ambarella (AMBA) to Sector Weight on concern the company's largest customer DJI may have dual-sourced. After speaking with DJI customer service, Erickson believes Ambarella may not be the video processing provider for Spark, the $499 drone launched last week by DJI. This could become a "material headwind" to Ambarella's revenue and earnings over the longer term, Erickson tells investors in a research note. He notes that the shares are up 23% since Intel (INTC) bid to acquire Mobileye (MBLY).

INTCIntel

$45.20

0.29 (0.65%)

01/26/18

MKMP

01/26/18NO CHANGETarget $55MKMPBuy

Intel price target raised to $55 from $50 at MKM Partners

MKM Partners analyst Ruben Roy raised his price target on Intel to $55 and kept his Buy rating after Q4 earnings. Roy says the company continues to highlight the data-centric portion of its business as it diversifies away from the PC market, which drive Intel to faster longer-term revenue growth at stronger profitability margins. The analyst expects the multiples to follow, noting that the current valuation appears attractive while raising his FY18 EPS view to $3.55 from $3.25.

01/26/18

RHCO

01/26/18NO CHANGETarget $50RHCOHold

Intel price target raised to $50 from $43 at SunTrust

SunTrust analyst William Stein raised his price target on Intel to $50 but kept his Hold rating after Q4 earnings, saying the upside seen in the results was a one-off and not likely to recur. Stein says the Data Center Group growth remains "uninspiring" this year, attributing his price target change to more favorable tax rates.

01/30/18

01/30/18UPGRADE

On The Fly: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. CVS Health (CVS) upgraded to Strong Buy from Buy at Needham by analyst Kevin Caliendo, who contended that the stock remains underowned and, unlike its peers, yet to rally beyond the expectations of benefits from the tax changes. The analyst says the company's multiple has remained constant despite the expansion in the rest of the pharma services industry, forecasting EPS growth of 8%-10% beyond the modeled $8 per share in 2019. 2. JetBlue (JBLU) upgraded to Overweight from Neutral at JPMorgan by analyst Jamie Bakier who said the company's costs are "gradually coming under control" and its balance sheet is "sound." The analyst also upgraded United Continental (UAL) to Overweight from Underweight, saying the shares are the "cheapest in the sector and among the most washed out, having declined the most from recent highs." 3. Gilead (GILD) upgraded to Buy from Neutral at Citi by analyst Robyn Karnauskas, who said that tax reform could lower the company's tax rate to 22% in 2018 versus prior estimates of 28%. The analyst also raised her nonalcoholic steatohepatitis and JAK-1 probability of success estimates to 50% with both Phase 3 trials expected in the next 12 months. Further, Karnauskas expects Gilead's hepatitis C virus business to stabilize by mid-2018. 4. Intel (INTC) upgraded to Buy from Neutral at Citi by analyst Christopher Danely, who said overly conservative guidance and poor sentiment from years of underperformance should drive estimates and the stock higher in the near term. He believes management's "new habit" of conservative guidance is good for the stock. 5. Albemarle (ALB) upgraded to Buy from Neutral at UBS by analyst John Roberts, who said the stock is down 23% from the November high despite no change to the outlook for lithium. The analyst attributes the pullback to larger scale lithium expansion announcements and raising concerns of potential oversupply. He believes the market is pricing in 10% annual realized price declines for Albemarle over the next few years. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

01/31/18

BARD

01/31/18NO CHANGEBARD

Baird checks show Apple will bring Qorvo in on super PAD

Baird analyst Tristan Gerra say his firm's recent industry checks support the belief Apple (AAPL) will dual source the super PAD in 2018 and bring Qorvo (QRVO) in. Shares of Qorvo are up 37c to $71.04 in midday trading. Apple will have 3.5GHz in the second half of 2018, offering more capacity and benefiting carriers, Gerra tells investors in a research note. He also believes Broadcom (AVGO) is working on custom 802-11.ax for Apple, with Qualcomm (QCOM) being one year behind on .ax. Gerra added that the checks indicate Intel's (INTC) 7560 modem sampling is on track.

Nuance has ceased development this month of the Swype feature for both iOS and Android, six years after it acquired the company behind the keyboard app for roughly $100M, the Verge reports, citing an emailed statement. Nuance said that it would discontinue support of the keyboard app and shift focus to other products, the report says. "The core technology behind Swype will continue to be utilized and improved upon across other Nuance offerings - and integrated into our broader AI-powered solutions - most notably in Android-based keyboard solutions for our automotive customers," the company said, according to the Verge. Reference Link

Baskin-Robbins, a Dunkin' Brands company, announced its continued expansion in the Toronto, Ontario market with the signing of four new store development agreements with three existing franchise groups. The first Baskin-Robbins shop under these new agreements is scheduled to open in 2019. Currently, there are more than 80 Baskin-Robbins locations throughout the greater Toronto area, and growing the brand there remains a top priority for Baskin-Robbins in 2018 and beyond.

Reports Q4 revenue $369.0M, consensus $340.56M. Q4 Adjusted EBITDA was $110.5M for the three months ended December 31, 2017, up 294% sequentially from $28.0M for the three months ended September 30, 2017 and up 691% from $14.0M for the three months ended December 31, 2016.

UP AFTER EARNINGS: Bandwidth (BAND), up 12%... Avis Budget (CAR), up 8.3%... Mindbody (MB), up 8%... SailPoint Technologies (SAIL), up 7.1%... Stamps.com (STMP), up 6.5%... Gulfport Energy (GPOR), up 5.8%... Synopsys (SNPS), up 4.4%... Parsley Energy (PE), up 3.5%... Pandora (P), up 2.5%. ALSO HIGHER: Mellanox Technologies (MLNX), up 10.4% after it updated its first quarter outlook and announced that CFO Jacob Shulman is stepping down. DOWN AFTER EARNINGS: Roku (ROKU), down 22%... Applied Optoelectronics (AAOI), down 12.5%... Stericycle (SRCL), down 9.2%... Castlight Health (CSLT), down 9.1%... Ultra Clean (UCTT), down 8.3%... Trinity Industries (TRN), down 5.6%... Sturm, Ruger (RGR), down 4.9%... CyrusOne (CONE), down 1.7%. ALSO LOWER: Advaxis (ADXS), down 13.2% after it announced a common stock offering... GW Pharmaceuticals (GWPH), down 5.5% after it said that its Phase 2a study of GWP42006 did not meet its primary endpoint... OneMain Holdings (OMF), down 2% after it announced an offering of 4.18M shares of common stock for holders.